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Podmore bankrupt as Perpetual calls in $20 mln guarantee

Friday 23rd December 2011

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Kevin Podmore has been forced into bankruptcy after Perpetual Trust, the trustee for 9,431 debenture holders owed $212 million plus interest from the failed St Laurence group, called in a $20 million personal guarantee.

An Oct. 28 receiver’s report filed on the Companies Office website this week says Perpetual called the guarantee , which Podmore and three related companies made at the time of the group’s moratorium in 2008.

“Neither Mr Podmore nor any of the three companies were able to meet the demand,” the report from the receivers, Deloitte, says. “A small settlement offer was made but this was rejected.

“The three companies are likely to be placed in liquidation so an independent insolvency practitioner can review the affairs of the companies,” it said. As a result, Podmore “is likely to enter bankruptcy.”

The website reports that Podmore declared personal bankruptcy yesterday.

Perpetual sent St Laurence into receivership in April last year, a day after Podmore had gone straight to debenture holders with an offer to swap their debt for equity in a new holding company.

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